“This funding round represents another strategic milestone for Tilray as we pioneer the future of medical cannabis globally. With support from some of the world’s leading institutional investors, we will expand our production capacity in North America and Europe, and scale distribution of our products to more patients and more pharmacies in more countries.” - Brendan Kennedy, Chief Executive Officer, Tilray (Photo: Business Wire)

TORONTO--(BUSINESS WIRE)--Tilray,
a global pioneer in medical cannabis research, cultivation, processing
and distribution, today announced the completion of its Series A funding
round totaling C$60 million. The round was comprised of a group of
leading global institutional investors.

Tilray, federally licensed in Canada and Europe, currently sells
pharmaceutical-grade, GMP-certified
medical cannabis products to tens of thousands of patients in eight
countries. The company supplies hospitals, pharmacies and pharmaceutical
distributors on four continents, and has signed supply agreements with NOWEDA,
one of Germany’s largest pharmaceutical wholesalers, and Shoppers
Drug Mart, Canada’s largest pharmacy chain.

Since its founding in 2014, Tilray has been wholly-owned and solely
funded by Privateer
Holdings, the world’s leading private equity firm investing
exclusively in legal cannabis. Tilray’s Series A funding round marks the
first time that outside investors have invested directly into a
Privateer Holdings portfolio company. With its Series A funding and
incorporation, Tilray is positioned to operate and finance its growth
independent of Privateer Holdings.

Cowen served as sole placement agent and Cooley LLP served as legal
counsel for the transaction.

Quote:

“This funding round represents another strategic milestone for Tilray
as we pioneer the future of medical cannabis globally. With support
from some of the world’s leading institutional investors, we will
expand our production capacity in North America and Europe, and scale
distribution of our products to more patients and more pharmacies in
more countries.” - Brendan Kennedy, Chief Executive Officer, Tilray

Company Timeline

Tilray opened its doors in April 2014 after becoming one of the first
companies to receive a federal license from Health Canada to
cultivate, process and distribute medical cannabis in Canada.

From 2014-2015, Tilray focused on building out its state-of-the-art
research and cultivation facility, increasing its product selection,
fine-tuning its production process, and building relationships with
patients and doctors across Canada.

In 2016, Tilray expanded its operations to additional countries around
the world and made substantial investments in clinical research.

In February
2016, Tilray announced a partnership with the Government of New
South Wales, Australia and University of Sydney to study the safety
and efficacy of medical cannabis for chemotherapy-induced nausea.

In June
2016, Tilray became the first company to legally import medical
cannabis into the EU and began serving patients in Croatia.

In September
2016, Tilray partnered with the University of British Columbia to
launch Canada’s first clinical trial to study medical cannabis and
post-traumatic stress disorder (PTSD).

In January
2017, Tilray’s state-of-the-art research and production facility
in British Columbia became the first licensed producer of medical
cannabis to be Good Manufacturing Practices (GMP) certified in
accordance with European Medicine Agency (EMA) standards.

In August
2017, Tilray announced a C$30 million investment in a second
Canadian facility in Ontario.

In September
2017, Tilray announced a €20 million investment to establish a
state-of-the-art EU Campus in Portugal to produce, package, and
distribute medical cannabis across Europe.

In October
2017, Tilray became the first company to offer full spectrum
medical cannabis extracts in Germany in partnership with two of the
country’s leading pharmaceutical wholesalers.

In November
2017, Tilray successfully imported live cannabis genetics into the
EU and began cultivating medical cannabis at its EU Campus in Portugal.

In December
2017, the Czech Republic became the fourth EU member state served
by Tilray.

In January
2018, Tilray signed a supply agreement with Shoppers Drug Mart.

About Tilray®

Tilray is
a global pioneer in the research, cultivation, production and
distribution of medical cannabis and cannabinoids. Tilray was the first
licensed producer of medical cannabis in the world to have its facility
Good Manufacturing Practices (GMP) certified in accordance with European
Medicine Agency (EMA) standards.

The company currently serves tens of thousands of patients, physicians,
pharmacies, governments, hospitals, and researchers in eight countries
spanning four continents through its affiliated entities in Australia
and New Zealand (Tilray Australia New Zealand Pty Ltd), Canada (Tilray
Canada Ltd), Germany (Tilray Deutschland GmbH), and Portugal (Tilray
Portugal Unipessoal Lda).